According to one asset management firm, Chinese companies that are listed on Wall Street could be disconnected from U.S. capital markets over the next three-years as Washington and Beijing continue to have tensions.

CNBC spoke Wednesday with David Loevinger of TCW Group’s managing director, emerging market sovereign research. He said that “I believe for a lot Chinese companies listed in U.S. Markets, it’s basically game over.” “This is an issue that’s been hanging out there for 20 years — we haven’t been able to solve it.”

TCW Group, which manages $265.8 trillion in assets as of September 30, 2021 according to its website.

This month’s U.S. Securities and Exchange Commission finalized rules to implement a law that would allow the market regulator to ban foreign companies listed in the U.S. from trading if their auditors do not comply with requests for information from American regulators. 

After Chinese regulators denied repeated requests by the Public Company Accounting Oversight Board for inspections of audits of Chinese companies that trade or list in the United States, the law was adopted in 2020.

Loevinger explained that it was impossible to fix the relationship between China and America in the next few decades, considering the level of distrust the two countries have.

So the truth is that I believe most Chinese companies will no longer be listed on U.S. stock exchanges by 2024. He said that most people will return to Hong Kong and Shanghai.Street Signs Asia.”

Listed in less than 6 months Chinese ride-hailing giant Didi saidIt will begin delisting the New York Stock Exchange and plan to list in Hong Kong.

When a company delists from an exchangeLike the Nasdaq and the New York Stock Exchange it is unable to reach a large pool of sellers, buyers, and intermediaries.

Chinese regulators reportedly unhappy with Didi’s decision to list in the U.S. without first resolving outstanding cybersecurity concerns. Due to data leakage concerns, regulators requested that Didi’s executive team devise a plan to remove the U.S. from their list. according to reports.

Numerous top-ranked internet companies in China have been dual listed in Hong Kong by other than Didi. E-commerce titans are just a few of the high-profile ones. AlibabaIt is its competitor JD.comSearch Engine Giant BaiduA gaming company NetEaseSocial media is a giant Weibo.

Loevinger stated that “We have already reached the turning point”, pointing out Didi’s announcement of delisting. I do not believe that China will grant unfettered access for U.S. regulators on internal auditing documents of Chinese businesses.

He added that U.S. regulators won’t have access to these documents if they don’t want to protect U.S. market from fraud.”